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EVOX RIFA GROUP OYJ STOCK EXCHANGE BULLETIN on
May 3, 2001 at 10:00 o’clock a.m.
EVOX RIFA GROUP INTERIM REPORT JANUARY 1, 2001 —
MARCH 31, 2001
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Net sales of the first quarter of 2001 increased by almost
18% to 22,5 million euros (19,1 million euros in the first
quarter of 2000)
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Operating profit was 1,1 million euros (0,7 million euros)
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Profit before extraordinary items was 0,6 million euros
(0,3 million euros)
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Earnings per share was 0,004 euros (0,002 euros)
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Order backlog on March 31, 2001 was 28,0 million euros
(22,8 million euros)
ECONOMIC DEVELOPMENT
Net Sales
The financial information presented in this bulletin are
given as pro forma figures for the periods of comparison of
the previous year. The net sales of the group increased during
the three first months of 2001 by nearly 18% to 22,5 million
euros compared to the corresponding period in the previous
year (19,1 euros).
The relative growth of the Group’s net sales continued
in spite of the general global economic development which
began at the beginning of the year. The growth was strongest
in the Nordic Countries, nearly 30%, and it also continued
on Asian markets at a speed of 12% compared to the situation
at the end of the year 2000.
The relative growth was strongest in the sales of electrolytic
and paper capacitors compared to the situation at the end
of the previous year. Film capacitors remained as the company’s
largest product group. The share of film capacitors was about
40% of the net sales of the first quarter.
Among Evox Rifa’s customer groups, industrial electronics
increased most its relative share of the net sales of the
company - the share was nearly 23%.
Profit
The group’s profitability during the first quarter of
2001 improved compared to the corresponding period of the
previous year. Operating profit increased to 1,1 million euros
(0,7 million euros) and profit before extraordinary items
was 0,6 million euros (0,3 million euros).
Earnings per share was 0,004 euros (0,002 euros)and shareholders’
equity per share was 0,361 euros (0,348 euros).
Order backlog
The order backlog of Evox Rifa Group Oyj was 28,0 million
euros at the end of the first quarter of 2001 (22,8 million
euros at the end of the first quarter of 2000).
FINANCIAL STATUS AND CAPITAL EXPENDITURE
The financial status of Evox Rifa Group Oyj was satisfactory
and operative cash flow was slightly positive. After capital
expenditure and loan repayment the Group’s liquid assets
were 6.3 million euros and the Group’s equity ratio was
48.1%.
Gross capital expenditure into fixed assets amounted to 1,0
million euros. The investments were used to renew production
machinery and to improve the efficiency of production.
SHARES AND SHARE CAPITAL
The nominal value of the shares of Evox Rifa Group Oyj is
0.05 euro, the number of shares was 86 685 509 on March 31,
2001 and the share capital was EUR 4 334 275.45.
The following major changes in shareholdings took place during
the first quarter: the aggregate holding held by Mr. Pertti
Laine and Veikko Laine Oy, the entity controlled by Mr.Laine,
exceeded the proportion of one tenth of the shares and votes;
and Fennogens Investments S.A.’s holding increased to
33,79% of all Evox Rifa Group Oyj’s shares and votes.
THE ANNUAL SHAREHOLDERS’ MEETING
The Annual Shareholders’ Meeting held on April 11, 2001
decided not to distribute dividend according to the proposal
of the Company’s Board of Directors.
Mikko J. Aro, Georg Ehrnrooth, Jerker Molander, Jarmo Niemi
and Anders Oldenburg were elected members of the Board of
Directors.
The Shareholders’ Meeting resolved to authorize the
Board of Directors to decide to increase the share capital
by one or several new issues and/or to take one or several
convertible loans, so that in a new issue of shares and/or
in convertible loans the share capital may be increased by
an aggregate maximum amount of EUR 866,855 or a smaller amount
corresponding to a maximum of one-fifth of the registered
share capital and the aggregate number of votes attaching
to the shares at the time of the authorisation decision of
the Shareholders’ Meeting and the decision of the Board
of Directors to increase the share capital. The authorisation
is in force for one year from the date of the Annual Shareholders’
Meeting.
Authorized Public Accounting Firm SVH PriceWaterhouse Coopers
Oy was appointed auditor of the company.
PERSONNEL
The average number of personnel of Evox Rifa Group Oyj during
the first quarter of the year 2001 was 1479 (1281 during the
corresponding period in 2000).
SIGNIFICANT EVENTS AFTER MARCH 31.3.2001
The company has sold its 30% holding in Schaffner EMC Pte.Ltd.
in Singapore to Schaffner’s Swiss parent company. This
transaction does not have any significant impact on Group’s
profitability.
OUTLOOK FOR THE YEAR 2001
Estimating the market development for the rest of the year
is difficult due to the general economic uncertainty and lack
of estimates from customers. Our customers are forced to lower
their sales estimates and reschedule their orders due to too
large stocks. For the time being there are no signs of quick
recovery.
Demand and order backlog for Evox Rifa’s electrolytic
capacitors are on a good level a long way to the autumn of
2001. In other product groups our order backlog has clearly
decreased and it follows now the general downward trend in
the market. In this market situation Evox Rifa’s market
share has remained stable.
Evox Rifa exploits temporary lay-offs and other personnel
cost saving actions in its manufacturing sites to minimize
the financial effects of the current decreasing demand. In
addition, a tight cost saving program is now followed everywhere
in Evox Rifa Group. With the help of these actions we believe
to be able to control the effects of current economic recession
on the whole year result.
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INCOME STATEMENT OF EVOX RIFA GROUP
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1.1.-31.3.2001
1000 EUR
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1.1.-31.3.2000
1000 EUR
(Pro Forma)
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1.1.-31.12.2000
1000 EUR
(Pro Forma)
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NET SALES
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22 483
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19 100
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84 162
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Materials and services
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-8 380
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-6 933
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-29 061
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Personnel expenses
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-9 879
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-8 977
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-36 929
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Depreciations and write-downs
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-814
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-787
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- 3 338
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OPERATING PROFIT (LOSS)
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1 122
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655
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4 051
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Financial income and expenses
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-537
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-340
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-1 559
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PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS
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585
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315
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2 492
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Extraordinary items
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0
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0
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-41
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PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES
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585
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315
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2 451
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NET PROFIT (LOSS) FOR THE PERIOD
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376
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214
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1 192
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Unaudited
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BALANCE SHEET OF THE GROUP
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ASSETS
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31.3.2001
1000 EUR
(Pro Forma)
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31.3.2000
1000 EUR
(Pro Forma)
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31.12.2000
1000 EUR
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FIXED ASSETS AND OTHER NONCURRENT ASSETS
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Intangible assets
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253
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77
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169
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Tangible
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20 177
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20 110
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20 244
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Investments, non-current
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161
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135
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143
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INVENTORIES AND CURRENT ASSETS
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Inventories
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19 130
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16 108
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17 829
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Long-term receivables
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418
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415
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433
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Short-term receivables
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19 788
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18 523
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18 878
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Cash and bank receivables
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6 313
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12 781
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6 910
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TOTAL NON-CURRENT AND CURRENT ASSETS
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66 240
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68 149
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64 606
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Share capital
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4 334
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4 334
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4 334
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Other restricted equity
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12 989
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12 989
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12 989
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Non-restricted equity
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13 944
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12 824
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13 518
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TOTAL SHAREHOLDERS’EQUITY
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31 267
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30 147
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30 841
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MINORITY INTEREST
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613
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417
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612
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LIABILITIES
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Deferred tax liability
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1 333
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786
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1 374
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Long-term
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16 022
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15 649
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15 022
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Short-term
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17 005
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21 150
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16 758
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TOTAL LIABILITIES AND SHAREHOLDERS’EQUITY
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66 240
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68 149
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64 606
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Unaudited
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EVOX RIFA GROUP KEY FIGURES
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31.3.2001
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31.3.2000
(Pro Forma)
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31.12.2000
(Pro Forma)
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Return on equity, %
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5,0%
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3,0%
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4,7%
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Return on investment, %
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9,4%
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5,6%
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10,4%
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Equity ratio
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48,1%
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44,9%
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48,7%
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Gross investments in fixed assets, TEUR
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1 045
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1 356
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4 084
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% of net sales
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4,6%
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7,1%
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4,9%
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Earnings per share, EUR
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0,004
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0,002
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0,014
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Equity per share, EUR
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0,361
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0,348
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0,356
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Order backlog, MEUR
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28,0
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22,8
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35,6
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Personnel, average
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1 479
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1 281
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1 406
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Unaudited
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DERIVATIVE CONTRACTS
The company uses forward contracts and currency options to
hedge foreign currency denominated balance sheet items against
exchange rate fluctuations. The maturity of forward contracts
and currency options vary from 1 to 3 months.
The market values of off-balance sheet derivative contracts
made to hedge the exchange rates fluctuations (1000 EUR):
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Currency options
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Bought options
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Value at the time of contract
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6 515
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Market value 31.3.
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90
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Sold options
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Value at the time of contract
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6 759
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Market value 31.3.
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-63
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Forward contracts
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Value at the time of contract
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3 981
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Market value 31.3.
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-33
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In Espoo on May 3, 2001
EVOX RIFA GROUP OYJ
Harri Launonen
President
For further information please contact:
Evox Rifa Group Oyj,
Harri Launonen
President
tel. +358 9 5406 5001
harri.launonen@evoxrifa.fi
DISTRIBUTION
Helsinki Exchange
Main Media
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